It’s getting harder for the school to pay for increased contributions to the state teachers’ pension system.
Tag: Teacher’s retirement
Posted inSchools
Auditor: ReNEW Schools may have broken state law governing teachers’ pensions
Teachers at some schools were assigned to the state pension system under Reed Elementary, where they didn’t work.
Posted inCharter Schools, Schools
Miller-McCoy board explores new retirement investment plan
Board members for the Miller-McCoy Academy for Mathematics and Business on Monday received an update on the school’s move toward adopting a new retirement investment plan for its employees. Board finance committee members said they want to find the best option for the school’s longest-serving employees and has looked at what other local charter schools […]
Posted inGovernment & Politics, Schools
Report: Teacher pension plans drowning in red ink nationwide
The accrued deficit that now plagues Louisiana’s teacher pension plan is part of a 40-state trend, according to a report released Thursday by the National Council on Teacher Quality. The Teachers Retirement System of Louisiana’s $10.8 billion deficit is part of a larger sea of red ink resulting from risky investments, erroneous market predictions and […]
Posted inGovernment & Politics
Old debt pushes up cost of state pension systems
In the past five years, schools have had to pay more to participate in the Teachers Retirement System of Louisiana — rising from 15 percent of an employer’s eligible payroll in 2008-09 to about 25 percent in 2012-13. Why the jump? The short answer: The teachers retirement system is trying to make up for underfunding […]
Posted inSchools
Primer: How private retirement plans are different than state pensions
Most Orleans Parish charter schools favor 403(b) retirement plans over the state’s public pension plan. Here’s the difference between the two. Like a 401(k), a 403(b) is a private, defined-contribution plan. An employee contributes pre-tax income and chooses how to invest the money. What she gets back depends on how well those investments perform. An […]
Posted inInvestigations, Schools
Teachers face tough choices as charter schools drop pensions
Teachers protest at an October meeting of the Algiers Charter School Association after the charter group announced that it would end pension benefits for more than 400 of its teachers. Soon after, Algiers reversed the decision. Photo by Jessica Williams Daunted by the high cost of the state teachers pension system, charter schools are switching […]
Posted inCharter Schools, Schools
Board moves toward private retirement plan; enrollment drop threatens funding
The 403b faculty retirement plan was a focus of discussion at the monthly board meeting of the Friends of King School, Sept. 11. Under the plan approved by the board, the administration will contribute a sum equal to 4 percent of a teacher’s annual salary and will match 50 percent of teacher contributions up to […]
Posted inCharter Schools, Schools
Board approves retirement plan for Craig, declines to assist Carver alumni group
Friends of King School met in regular session on July 25, after passing budgets for the two schools under the board’s management: Martin Luther King School of Science and Technology and Joseph Craig Elementary. Principal Doris Hicks, chief executive officer of the schools, updated the board on an overture from a group of George Washington […]
Posted inCharter Schools, Schools
Hynes budget increase reflects rising cost of employee benefits
The Hynes Charter School’s board announced at its annual budget hearing that rising teacher benefits and facilities costs accounted for spending hikes in next year’s budget, effective July 1. Next year’s budget is slated to be $5.4 million, a 7 percent increase from last year. The 2012-2013 budget hearing held Monday, June 11 at 4 […]